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Equity Investments | 12 Months Ended
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Dec. 31, 2013
Equity Investments |
Equity Investments | 5. Equity Investments Summarized information pertaining to the Company's equity associates follows:
|  | 2013 |  | 2012 |  | 2011 |
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For the year: |  |  |  |  |  |  |  |  |  |
Equity in earnings: |  |  |  |  |  |  |  |  |  |
Non-U.S. |  | $ | 27 |  | $ | 20 |  | $ | 24 |
U.S. |  |  | 40 |  |  | 44 |  |  | 42 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 67 |  | $ | 64 |  | $ | 66 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Dividends received |  | $ | 67 |  | $ | 50 |  | $ | 50 |
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Summarized combined financial information for equity associates is as follows (unaudited):
|  | 2013 |  | 2012 |  |  |
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At end of year: |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 419 |  | $ | 327 |  |  |  |
Non-current assets |  |  | 528 |  |  | 496 |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  |  | 947 |  |  | 823 |  |  |  |
Current liabilities |  |  | 224 |  |  | 195 |  |  |  |
Other liabilities and deferred items |  |  | 193 |  |  | 158 |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and deferred items |  |  | 417 |  |  | 353 |  |  |  |
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Net assets |  | $ | 530 |  | $ | 470 |  |  |  |
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|  | 2013 |  | 2012 |  | 2011 |
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For the year: |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 699 |  | $ | 658 |  | $ | 689 |
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Gross profit |  | $ | 185 |  | $ | 191 |  | $ | 215 |
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Net earnings |  | $ | 149 |  | $ | 143 |  | $ | 174 |
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The Company's significant equity method investments include: (1) 50% of the common shares of Vetri Speciali SpA, a specialty glass manufacturer; (2) a 25% partnership interest in Tata Chemical (Soda Ash) Partners, a soda ash supplier; (3) a 50% partnership interest in Rocky Mountain Bottle Company, a glass container manufacturer; (4) a 50% partnership interest in BJC O-I Glass Pte. Ltd., a glass container manufacturer; and (5) 50% of the common shares of Vetrerie Meridionali SpA ("VeMe"), a glass container manufacturer. During the fourth quarter of 2013, changes were made to the VeMe joint venture agreement that resulted in the Company relinquishing control of the joint venture and, therefore, deconsolidating the entity. No gain or loss was recognized related to the deconsolidation as the fair value of the entity was equal to the carrying amount of the entity's assets and liabilities. The fair value, which the Company classified as Level 3 in the fair value hierarchy, was computed using a discounted cash flow analysis based on projected future cash flows of the joint venture. There is a difference of approximately $13 million as of December 31, 2013 between the amount at which certain investments are carried and the amount of underlying equity in net assets. The portion of the difference related to inventory or amortizable assets is amortized as a reduction of the equity earnings. The remaining difference is considered goodwill.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 + Details
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